Fiscal gap till January shrinks
The central government contained its fiscal deficit in the 2023-24 financial year at 63.6% of the revised target despite a moderation in nominal GDP growth. The deficit dropped 7.3% from a year ago period to ₹11.03 lakh crore. Revenue spending moderated while capital spending remained lower than the revised target. Key Points
Economic TimesFY25 Capex target for CPSEs may rise by 12-13%
The Indian government is expected to increase the capital expenditure target for central public sector enterprises (CPSEs) in the fiscal year 2025 by 12-13%. The capital expenditure for 54 CPSEs and five departmental arms, including the Railway Board and National Highways Authority of India, is projected to be around ₹8.20-8.30 lakh crore for the upcoming fiscal year. Key Points
Economic TimesLTIMindtree shares tumble 10% on weak Q3 earnings, ratings downgrades. How to trade now?
IT services company LTIMindtree's stock tanked 10% following lower-than-expected Q3 earnings. CLSA downgraded the stock to Sell, while Kotak Institutional Equities recommended a Reduce rating due to weak quarter-on-quarter growth. Motilal Oswal maintained a Neutral rating, while Nuvama retained a Buy stance but cut the price target. InCred downgraded the stock to Reduce. LTIMindtree reported a 17% YoY rise in net profit to Rs 1,169 crore and a 5% increase in revenue to Rs 9,017 crore for the quarter. Key Points
Economic TimesTCS shares jump over 3% as Q3 earnings beat Street estimates. Should you buy?
Tata Consultancy Services (TCS) shares jumped over 3% following its Q3 results. Morgan Stanley upgraded the stock to Overweight, while Motilal Oswal and Nuvama reiterated their buy stance. TCS reported higher-than-expected revenue but lower bottomline. Morgan Stanley raised the price target to Rs 4,240. Motilal Oswal has a target of Rs 4,250. Nuvama revised the target to Rs 4,500. Kotak maintained an Add rating. Key Points
Economic TimesNifty hits fresh record high. Which stocks to buy for 2024 portfolio?
For the new calendar year 2024, the brokerage firm has picked 9 stocks within the broader themes of manufacturing, PSU banks, NBFCs, IT services, and consumption. The nine stocks recommended by Axis are Pitti Engineering, Sansera Engineering, Archean Chemicals, Amber Enterprises, JK Lakshmi Cement, SBI, Manappuram Finance, Cyient, and Westlife Foodworld. Key Points
Economic Times
RIL shares jump 2% post Q2 earnings despite Monday blues. Should you buy?
Brokerages reviewed Reliance Industries stock following its September quarter earnings on Friday which were broadly in line with their estimates. While Macquarie upgraded the stock from 'underperform' to 'neutral', Jefferies raised the price target while recommending a buy. Others which reiterated their buy stance include Nomura, Motilal Oswal and Nuvama. Key Points
Economic TimesTop brokerages dub Wipro's Q2 earnings as disappointing. Should you buy, sell or hold the stock?
Top brokerages have expressed reservations on Wipro stock following the company's lower-than-expected earnings and bleak Q3 guidance. Citi recommended selling the stock and reduced the price target, while BofA maintained an 'Underperform' view. Nuvama lowered its price target but maintained a 'Hold' rating. Wipro reported a net profit of Rs 2,667.3 crore for the September quarter, up 0.70% YoY. Key Points
Economic TimesHot Stocks: Brokerages on DLF, Tata Steel, PNB Housing and ITC
CLSA downgraded DLF to outperform with a target of Rs 547. The housing demand momentum continues, which is positive for the stock. Key Points
Economic TimesCommerce ministry looking at fixing export target in a range for this fiscal
With the increasing global economic uncertainties, the commerce ministry is looking at fixing this fiscal year's export target in a range instead of a single figure, an official said. To set the target range, a detailed study on 200 countries and 31 commodity groups is in the process, the official said. Key Points
Economic TimesHighway construction target may be raised
The Centre had targeted developing 12,200 kilometres (km) of national highways (NH) in 2022-23, but could manage to construct 10,933 km. This was the second consecutive year that the target was missed. It was earlier expected that the target for highways construction for fiscal 2023-24 will be kept at around 12,500 km, but this is now being reassessed. Key Points
Economic Times
Indian Navy successfully carries out underwater test
The Indian Navy has succeeded in hitting an underwater target in a recent test of indigenously developed Heavy Weight Torpedo. This has been seen as a significant milestone for accurate delivery of ordnance to a target in the underwater domain. Key Points
Economic TimesTwenty Point Programme: Government shines on 11 parameters
The Indian government succeeded in achieving more than 90% target completion in six out of 14 parameters under the Twenty Point Programme, as per data from the Ministry of Statistics and Programme Implementation. Performance in three parameters was labeled poor or below 80% target, which included area covered under plantation and construction of roads under Pradhan Mantri Gram Sadak Yojana. Key Points
Economic TimesDay trading guide for 12th April: SBI, Kotak Bank, ITC, to JSPL — 8 stocks to buy or sell on Wednesday
For Wednesday, Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi expects Nifty to find support at 17300/17350 with resistance between 18050/18100. While the Bank Nifty index is seen to have support in the range of 40300/40500 with resistance at 41500/41600. Key Points
mintIn a year or two, L&T Finance Holdings overall ROA will also go beyond 3%, strong PAT will continue: Dinan
“I would not like to answer in the short term what the growth rates will be. I can only say that good, healthy growth rates will continue. We have good plans for that. At the same time, credit cost will continue to improve and that will work on profitability and ROAs positively.” Key Points
Economic TimesMark Levin's book banned by Target? Backlash grows over alleged censorship
Conservatives criticize target for allegedly refusing to sell Mark Levin's book. target denies claims, book still available for pre-order. | World News Key Points
Hindustan Times
Interim Budget: Fiscal deficit target may be set at 5.3% in FY25, say experts
...major policy changes and announcements are unlikely. ICRA expects the fiscal deficit target for FY25 to be set at 5.3% of GDP, midway through the expected print of 6% for FY24 and the medium-term target of sub-4.5% by FY26, said Aditi Nayar, chief economist, Icra. Key Points
Economic TimesHCL Tech shares jump 3.5% on Q2 results. What should investors do now?
IT services company HCL Technologies on Thursday reported a 10% growth in its consolidated net profit at Rs 3,832 crore for the quarter ended September 2023. The same stood at Rs 3,489 crore in the last year period. Revenue from operations during the period rose 8% to Rs 26,672 crore as against Rs 24,686 crore in the corresponding quarter last year. Key Points
Economic TimesWhy Aditya Agarwala is recommending buy for these 2 NBFCs
“At current levels, one should look to go long on Mahindra & Mahindra Finance, look for a target of 315 on the upside, with a stop loss at 264 on the downside. The second stock is Piramal Enterprise, PEL. Again, as we speak, the stock is making new high but again at current levels, one can look to go long for a target of Rs 985 and if 985 is taken out.” Key Points
Economic TimesStocks to buy: HAL, M&M, RIL among six stocks to buy for the short term
The market is witnessing positive momentum however, the short term outlook remains hazy. Analysts recommend following a stock-specific approach in this market. Based on the recommendations of several analysts, here are six stocks that look attractive on technical charts. Take a look. Key Points
mintIndia's April-February fiscal deficit at Rs 15.01 lk cr, hits 86.5% of FY24 target
India's fiscal deficit for April-February of FY24 reached Rs 15.01 lakh crore, constituting 86.5% of the annual target. This figure compares to Rs 14.53 lakh crore during the same period last year Key Points
Economic Times
LIC shares rally 6% on upgrades, increased target prices on solid Q3. Should you chase the momentum?
Global broking firm JPMorgan upgraded LIC to overweight from neutral and raised the target price to Rs 1,340 from Rs 690 earlier. Stating that price outperformance could continue in the near term, it recognised the growing market interest in the relative valuation merit of PSUs over private players. Key Points
Economic TimesTime to lock profits in RailTel, IRFC and IRCTC as charts looking overbought: Aditya Arora
Aditya Arora of Adlytick believes that stocks like RailTel, RVNL, Tourism Finance, PVR-Inox, Mphasis, Torrent Pharma, SIS, and Praveg are overvalued and overbought. In the technology sector, he recommends buying Mphasis with a target of 2700. He also recommends Torrent Pharma as a pharma pick with a target of 2600-2700. SIS is another stock he finds attractive with a target of 580 to 600. Key Points
Economic TimesStocks to buy this week: Experts suggest these six technical picks; do you own any?
Sensex and Nifty have been correcting after hitting record highs due to softer Q1FY24 earnings of heavyweights like Infosys and Reliance Industries. Investors are cautious ahead of the US Fed meeting outcome on July 26. Key Points
mintBajaj Finance shares plunge 5% on Q3 asset quality woes. Should you buy?
Shares of Bajaj Finance dropped nearly 5% on the NSE after reporting higher loan losses and provisions for the quarter. Macquarie reiterated 'Neutral' stance, while Jefferies and PhillipCapital gave 'Buy' ratings. Bajaj Finance's Q3 consolidated net profit grew 22% YoY to Rs 3,639 crore, slightly below expectations. Macquarie expects credit costs to increase as delinquencies normalize. Jefferies maintains 'Buy' rating with a target of Rs 9,400, citing strong AUM growth and better NIMs. Key Points
Economic TimesGoldman Sachs ups Nifty 2024-end target to 23,500; cites 3 factors supporting premium valuation
Goldman Sachs revised price target for Nifty implies an upside potential of more than 8% for the index from the current levels. In trade on Tuesday, Nifty50 was trading at 21,707, up nearly 1% from the previous close. Key Points
Economic Times
Tata Motors shares jump 4% on strong Q4 earnings. Should you buy, sell or hold?
Tata Motors' Q4FY23 earnings report showed a net profit of Rs 5,407.8 crore compared to a loss of Rs 1,032 crore in Q4FY22, which led to a rise of over 4% in the company's shares. Top brokerages including Jefferies, Nuvama, Emkay, and Prabhudas Lilladher have a 'Buy' recommendation on the counter. Key Points
Economic TimesIRCTC, Piramal Ent, Delta Corp among 6 stocks that can jump 8-23% in the next 3-4 weeks; do you own any?
Nifty 50 reached a record high last week and closed almost 1% higher. Technical experts suggest potential upside towards 22,500. Six stocks recommended for buying include PEL, Oberoi Realty, and Delta Corp. Key Points
mintAnand Rathi management met yearly target in 6 months & revised guidance upwards. Here’s how
Anand Rathi, chairman of Anand Rathi Group says that their equity mutual fund has seen increased inflows, accounting for 50% of their AUM. Despite market outflows, they have had positive inflows in mutual funds, and they expect continuous inflows. Rakesh Rawal, CEO of Anand Rathi Wealth, mentions that they have achieved their FY24 AUM guidance of Rs 47,000 crore in the first half and have set a revised target of Rs 51,000 crore. They have also revised their profitability target to Rs 220 crore and their revenue target to Rs 720 crore. Key Points
Economic TimesDemand under rural jobs scheme seen 27% lower in FY25
The rural development ministry has pegged the 2024-25 person-day generation target (called labour budget) at 2.21 billion under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), down 27% from the actual level in the previous fiscal. Key Points
Economic TimesCLSA upgrades TCS, two other IT majors, despite conservative outlook
Shares of TCS and HCLTech have been upgraded to “underperform” from “sell”. For TCS, the price target has been increased to Rs 4,043 from Rs 3,925, and for HCLTech, it has been raised marginally to Rs 1,553 from Rs 1,536. Key Points
Economic Times
Pankaj Pandey on his top 3 midcap and smallcap picks for 2024
Pankaj Pandey says: “Power as a space is looking quite good for the next five-seven year perspective and our sense is that the government focus will come back once the elections are out. So a lot of triggers are in placer for this sector to keep doing well. NTPC has already achieved a target price post result we will look at reviewing our target prices but NTPC remains top pick.” Key Points
Economic TimesSamvat 2080: Why Reliance & Poonawalla Fincorp are top picks for Dharmesh Kant
“Any cut in the interest rate will further fuel the lending side of the business and that is the reason why we have picked it up. From a target perspective, around Rs 450 is the target we are expecting on Poonawalla Fincorp from at least a year of holding. Price to book, it is expensive but that is how it is with the companies which are growing at a scorching pace.” Key Points
Economic TimesMeeting India’s ‘carbon sink’ target
India is committed to increasing its carbon sink by 2.5-3 billion tonnes of CO2 equivalent by 2030. Key Points
The Indian ExpressAsset monetisation plans for FY24 ready: Centre banks on roads, mines to meet Rs 1.8 trn goal
The achievement through accruals and private investment was Rs 1.32 trillion in FY23, which was 81% of the annual target of Rs 1.62 trillion. Key Points
FinancialexpressHarmanpreet, spinners star in straightforward Indian victory over Bangladesh
Harmanpreet (54 not out 35 balls) and Smriti Mandhana (38 off 34 balls) added 70 runs for the third wicket to chase down the target in just 16.2 overs. | Cricket Key Points
Hindustan Times
Indirect tax receipts rise 19% in April-May; Collections in line with Budget projections
The indirect tax revenue target for FY24 is set at Rs 15.37 trillion, against the actual receipts of Rs 13.91 trillion in FY23. Key Points
FinancialexpressSwaraj Tractors pumps in Rs 200 crore; to roll out two lightweight models
Swaraj Tractors on Friday announced it has developed a new platform for compact lightweight tractors with an investment of Rs 200 crore and said it will roll out two models with price starting from Rs 5.35 lakh (ex-showroom). The tractor brand under the Mahindra Group also announced roping in Indian Key Points
The Tribune IndiaPage Industries share price tanks 13% after Q4 net profit falls 59%; Should you buy, sell, hold?
Page Industries stock plunged 13% on Friday. The company’s shares have fallen over 12% in the past one month, and nearly 14% in the past one year. Key Points
FinancialexpressDr Reddy's tumbles 7% post Q4 results! Here's what brokerages recommend
Dr Reddy's Laboratories reported an 890% YoY surge in March quarter profit at Rs 960.1 crore but shares tumbled nearly 7% to Rs 4,545 in Thursday's trade. While its revenue from operations increased by 15.28% YoY to Rs 5,843 crore, total expenses were down 4% at Rs 5,132.2 crore. US revenues fell 17% QoQ. Jefferies maintained its Buy rating on Dr Reddys Laboratories with a target price of Rs 5,650, while Prabhudas Lilladher downgraded the stock to Reduce with a revised target price of Rs 4,500 from Rs 4,900. Key Points
Economic TimesRBI's inflation conundrum in a rocky world — how relevant is 4% target if it hasn't been met in 4 yrs
Geopolitical conflicts & new cold war have upended oil, various food and commodity markets. Climate-change issues will impose other costs. So, prices will rise even if demand is weak. Key Points
ThePrint
Looking to beat FDs? Bet on lower end of the bond yield curve
Aditya Birla Sun Life Mutual Fund will issue a series of seven such target maturity funds, with tenures ranging from 15-33 months as it believes yields are still lucrative at the lower end of the yield curve. Investors in such schemes could earn a spread of 50-80 basis points over sovereign government securities or fixed deposits. Key Points
Economic TimesTrent shares surge 23% in two sessions on strong Q3 results. Should you but at current levels?
Fashion and lifestyle player Trent reported a 124% year-on-year (YoY) surge in consolidated net profit at Rs 374.36 crore for the quarter ended December 30. The profit stood at Rs 167 crore in the corresponding quarter last fiscal. Key Points
Economic TimesTechnical Breakout Stocks: How to trade NBCC, Bajaj Auto and Indian Bank on Monday
NBCC is continuously moving in an uptrend. It has given a breakout from an important resistance with a big bullish green candle. If the stock manages to close above Rs 119 then our target 1 will be Rs 134.60, and target 2 will be Rs 154. The stock is experiencing a good buying volume from that trendline breakout even though it has even crossed 50-MA in the volumes chart. Key Points
Economic TimesPunjab, Tamil Nadu and six other Indian states lag in achieving targets to rejuvenate water bodies
Eight states in India have yet to meet objectives under Mission Amrit Sarovar, which aimed to rejuvenate at least 75 water bodies in every district. While the national target of building 50,000 Amrit Sarovars by August 15 was achieved earlier this year, the eight states have not met local targets for building 75 such bodies in every district. Key Points
Economic Timestarget to close nine stores in major US cities. Check the list
Retail giant target is set to close nine stores across major US cities due to escalating incidents of violence, theft, and organized retail crime. The affected locations include one store in Harlem, two in Seattle, three in the San Francisco-Oakland area, and three in Portland, Oregon. Key Points
Economic Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/ZVTE4YQPDFKXJIS7WIZH6GMAOI.jpg)
Australia's NAB targets at least $633 mln in lending to indigenous businesses
National Australia Bank Ltd (NAB.AX) said on Wednesday it has set a new target to more than double its lending to indigenous businesses and communities to at least A$1 billion ($633.70 million) over the next three years. Key Points
ReutersAustralia Central bank says worst over for inflation as policy enters 'calibration stage'
Inflation, which peaked late last year at over a three decade high of 7.8%, trended down to 6% last quarter and is projected to return to the RBA's target band of 2-3% in late 2025. Key Points
Business TodayJulius Baer wants to double assets under management - Handelsblatt
Swiss bank Julius Baer (BAER.S) can double its assets under management to 1 trillion Swiss francs ($1.12 trillion), CEO Philipp Rickenbacher said in an interview with German daily Handelsblatt on Monday. Key Points
ReutersDMart shares tumble 5% as brokerages slash target prices. What should investors do now?
Shares of DMart fell by up to 5% after the company's Q4 EBITDA and margins fell short of expectations. Despite an increase in consolidated PAT by 8%, YoY revenue increased by only 21% due to a decline in gross margins to 13.4%, YoY and QoQ. This was due to the inferior mix of products. Brokerages have reduced their target prices on the stock. Prabhudas Lilladher remains optimistic with a Buy rating and target price of Rs 4,447, citing DMart's potential to expand their store count and DMart Ready. Key Points
Economic TimesInterim Budget: Govt may increase agri-credit target to Rs 22-25 lakh crore
Currently, the government provides interest subvention of two per cent on short term agri-loans of up to Rs 3 lakh for all financial institutions. This means farmers are getting a farm loan of up to Rs 3 lakh at a concessional rate of 7 per cent per annum. Key Points
Economic Times
Budget 2024: Experts expect FM Sitharaman to set 5.3% fiscal deficit target for FY25
Budget News: Experts expect FM Sitharaman to set a 5.3% fiscal deficit target for FY25 in Budget 2024. The government aims to align with the fiscal consolidation plan until 2026 by normalizing capital spending and refraining from major announcements in the interim budget before the general elections. Key Points
Times Of IndiaAxis Bank Q2 earnings stable but headwinds to deposit growth remain. Should you buy?
Private lender Axis Bank posted 10% year-on-year (YoY) growth in its standalone net profit at Rs 5,863 crore in the July-September period, which is also higher than the ET NOW poll estimate of Rs 5,800 crore. Net interest income (NII) during the reporting quarter rose 19% YoY to Rs 12,314 crore, compared with Rs 10,360 crore in the same quarter last year. Key Points
Economic TimesInfosys’ 2.3% constant currency growth was a positive surprise; not sure why guidance was cut: Mahantesh S
According to Mahantesh Sabarad, the guidance revision by Infosys is not expected to lead to a significant decline in EPS estimates, but it may delay expectations from the company. Analysts are likely to adjust their estimates, resulting in a similar target price. Sabarad does not anticipate major upgrades in EPS or target prices from analysts. The valuation of Infosys may be capped at 21-22 times forward earnings, and there may be a slight downgrade due to concerns about future delivery. Key Points
Economic TimesTVS Motor crosses Rs 1 lakh crore m-cap as stock jumps 4% to fresh 52-week high
TVS Motor Company reported a 59% increase in its consolidated net profit to Rs 479 crore for the third quarter ended December 31, 2023, riding on the back of robust sales across markets. The company posted a consolidated net profit of Rs 301 crore in the October-December period of the last fiscal. Key Points
Economic TimesBudget 2024 may be interim but investors need to watch out for these 5 things
The upcoming Union Budget, an interim one in an election year, is unlikely to have any spectacular announcements but could still have significant outcomes for investors. The focus is expected to be on tax relief measures to boost consumption and investment, especially for salaried individuals and MSMEs. Key Points
Economic Times
Budget 2024: Govt will meet fiscal deficit target in FY24, follow fiscal consolidation path for next year:
“If spending remains muted in the current quarter, the deficit may end up at 5.8% of GDP,” the global investment bank said, noting that receipts upside of 0.2% will help meet this years target and that the government will follow the path of fiscal consolidation. Key Points
Economic TimesHot Stocks: UBS upgrades Infosys & downgrades Wipro; JPMorgan upgrades TCS
TCS has a neutral rating, but UBS raised the target price to Rs 4,050 from Rs 3,700 earlier. HCL Technologies has a neutral rating, but the target price was raised to Rs 1,540 from Rs 1,350 earlier. Key Points
Economic TimesJubilant FoodWorks shares tank over 6% post Q2 results. Should you buy, sell or hold?
During the quarter, the pizza seller reported a 4.5% year-on-year (YoY) rise in its revenue from operations to Rs 1,344.8 crore as compared to Rs 1,286.8 crore in the year-ago period. Key Points
Economic TimesHot Stocks: Brokerages on ITC, Info Edge, RIL and Titan Company
The recruitment profitability is near peak, and the growth is likely to moderate. Other verticals have a long road to profitability. Write-offs in investee companies' portfolios. Key Points
Economic TimesUS central bank keeps interest rate unchanged, projects two hikes by end of year
The decision left the benchmark federal funds rate in a target range of 5% to 5.25%. Key Points
Hindustan Times
UPL shares emerge as top Nifty 50 loser on Tuesday on muted Q4 results; should you own it? Here's what brokerages say
UPL Q4FY23 Results: The consolidated net profit for the March quarter was recorded at 792 crore, a 42.6% year-over-year (YoY) decline. The company reported a consolidated net profit of 1,379 crore for Q4FY22. Key Points
mintInfosys shares tank 11% on weak Q4 earnings. Should you buy or sell?
Despite calling Infosys' January-March 2023 quarter results shocking , Jefferies maintained a ‘Buy on the second-largest IT services company for a price target of Rs 1,770 based on 24X 12m forward EPS. Key risks include weaker revenue growth, lower margin, unfavourable currency, and corporate action, the brokerage said. Key Points
Economic TimesAdmitting to slip-ups, Modi govt looks to revise 2025 target for tuberculosis elimination by 2-3 yrs
India reports the highest number of TB deaths globally every year. As per WHO report in 2023, it accounted for 28 lakh cases, which is 27% of global burden. Key Points
ThePrintPotential treatment target for genetic type of epilepsy: Research
Developmental and epileptic encephalopathies are rare forms of epilepsy that can begin in childhood. The patients are treated with generic antiepileptic drugs. | Health Key Points
Hindustan TimesSurplus CPSE dividend unlikely to offset disinvestment revenue shortfall in FY24
The Indian government may face a disinvestment shortfall in FY24 due to potential delays in the strategic sale of IDBI Bank, possibly spilling into FY25. While surplus dividends from Central Public Sector Enterprises (CPSEs) might not fully compensate for the anticipated shortfall, the government is considering revising its combined disinvestment and dividend target of Rs 94,000 crore. Key Points
Economic Times